by taxable_efficiency
I stayed with the same insurance company for auto since 2007. I added my wife to the policy when we got married in 2013, and then added a policy for our home in 2014. I noticed that the premiums were always trending up, as though there was no benefit for being a loyal customer. I finally put in the effort to shop around and found better deals for THE EXACT SAME or BETTER COVERAGE.
| Table | Current Insurance | Competitor A | Competitor B | Competitor C |
|---|---|---|---|---|
| Annual Car | $4,100 | $3,526 | $2,548 | $3,404 |
| Annual Home | $1,362 | $1,033 | $1,199 | $792 |
| Total Annual Cost | $5,462 | $4,559 | $3,747 | $4,196 |
| Annual Amount Saved | $0 | $903 | $1,715 | $1,266 |
I’m not sure if it’s against the rules to post the names of the companies or not so I left them out. After finding the potential for savings I posted to local social media asking “Anyone have any good or bad experience with claims from Company B?” and am waiting for some feedback before I move my policies over. That said, I’m sad I didn’t look into this sooner, and look forward to getting into this habit every 3-5 years.